Nirav Modi effect: Govt compiles a list of 91 people it plans to bar from leaving India due to loan default

The Hush Post: The crackdown post-Nirav Modi scam continues as in a fresh development, the government has compiled a list of 91 people it is proposing to bar from leaving the country due to default on bank loans.

In addition, the government is also proposing to come down heavily on people who have had knowledge of such matters.

All banks have already been asked to provide passport details of people who have secured loans of Rs 50 crore and above.

The list of 91 includes people who are directors or owners of Indian companies which have been identified as so-called wilful defaulters, firms which refuse to repay loans despite having the means to do so. Around 400 Indian companies have been classified as wilful defaulters.

Modi administration has been receiving major flak after the two prominent jewellers Nirav Modi and Mehul Choksi fled the country after defrauding the nationalised bank Punjab National Bank. With general elections due early next year, Modi is under pressure to act against wealthy defaulters. Less than a month after first details emerged, lawmakers introduced a bill that will give authorities power to impound the assets of fugitive offenders – people who have fled the country after committing an economic offense involving Rs 100 crore or more.

The flight of willful defaulters is long, prominent one being liquor tycoon Vijay Mallya.

The Hush Post/12:25 pm/ 1-min-read
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